Crypto moves to Ireland

The online poker industry is booming, but it also faces uncertain times ahead with a legal storm brewing in the US.

Most of the big players draw their customer base from the US but circumvent existing Federal laws by conducting operations offshore. The Caribbean, Gibraltar and other such territories are home to the big online players.

And now CryptoLogic, one of the major software providers has announced plans of a move.

The leading software developer to the global Internet gaming market, is set to advance its global strategy by establishing its headquarters in the Republic of Ireland in January 2007, subject to regulatory and shareholder approvals.

The company also proposes to adopt the Alternative Investment Market (AIM) of the London Stock Exchange as its primary market, and intends to maintain its Toronto and NASDAQ listings. CryptoLogic’s software development team will remain in Canada.

The idea behind the move is to bringing the company closer to the world’s major markets that embrace Internet gaming, and therefore, closer to its key customers, investment community and prospects; and to broaden the company’s strategic acquisition opportunities.

Cryptologic’s most important customer at present is InterPoker, while it’s most recent is the new Playboy skin.

“CryptoLogic’s business is increasingly centered in Europe, and establishing our organization in that market is the logical next step to support our international growth plans,” said Lewis Rose, CryptoLogic’s President and CEO.

“For CryptoLogic, this is about being closer to our customers, and to the world’s most thriving Internet gaming markets. By expanding our presence in gaming-friendly jurisdictions, CryptoLogic enhances its flexibility to pursue all strategic opportunities and broaden the services offered to our customers.”